Morgan Silver Dollars are one of the most collected coins in the United States. Named after its designer, George T. Morgan, these coins were minted from 1878 to 1904, and then again in 1921. This guide will delve into the history, characteristics, and value of these coins, as well as provide tips for collecting and investing in Morgan Silver Dollars.
History of Morgan Silver Dollars
The Morgan Silver Dollar came into existence as a result of the Bland-Allison Act of 1878. This act required the U.S. Treasury to purchase a certain amount of silver each month to be coined into dollars. George T. Morgan, a British engraver hired by the Mint Director Henry Richard Linderman, was tasked with designing the new coin.
The obverse of the Morgan Dollar features a profile portrait representing Liberty, while the reverse depicts an eagle with wings outstretched. The coin is composed of 90% silver and 10% copper, with a diameter of 38.1 mm and a weight of 26.73 grams.
Characteristics of Morgan Silver Dollars
Morgan Silver Dollars are known for their size, silver content, and beautiful design. The coin’s large size makes it popular among collectors, while its silver content appeals to precious metal investors. The design, featuring Lady Liberty on the obverse and an eagle on the reverse, is considered one of the most beautiful in American coinage.
The coins were minted at five different mints: Philadelphia (no mint mark), San Francisco (‘S’ mint mark), New Orleans (‘O’ mint mark), Carson City (‘CC’ mint mark), and Denver (‘D’ mint mark). The mint mark can be found on the reverse of the coin, below the wreath and above the ‘O’ in ‘Dollar’.
Collecting Morgan Silver Dollars
Collecting Morgan Silver Dollars can be a rewarding hobby. The series offers a wide range of dates, mint marks, and conditions, providing something for every level of collector. Some collectors focus on assembling a complete set of Morgan Dollars, which includes one coin from each year and mint. Others may specialize in coins from a particular mint, coins of a certain grade, or coins with unique toning or other eye-appealing characteristics.
When collecting Morgan Dollars, it’s important to consider the condition of the coins. The condition, or grade, of a coin can significantly impact its value. Coins in higher grades (those with less wear) are generally more valuable than similar coins in lower grades.
Investing in Morgan Silver Dollars
In addition to being collectible, Morgan Silver Dollars can also be a good investment. The coins’ silver content provides a base value, while their collectibility can add a premium. However, it’s important to be aware that not all Morgan Dollars are rare or valuable. Many common dates in lower grades carry a value close to their silver content, while rare dates or high-grade examples can be worth significantly more.
When investing in Morgan Dollars, it’s important to buy coins that have been professionally graded and authenticated. This helps ensure that you’re getting a coin that is genuine and accurately graded. It’s also a good idea to buy coins from reputable dealers or auctions to avoid overpaying or buying counterfeit coins.
Understanding the Value of Morgan Silver Dollars
The value of a Morgan Silver Dollar can vary widely depending on its date, mint mark, condition, and other factors. Common dates in circulated condition may be worth little more than their silver content, while rare dates or coins in exceptional condition can sell for thousands of dollars.
When determining the value of a Morgan Dollar, the first step is to identify the coin’s date and mint mark. Next, assess the coin’s condition. This can be challenging for beginners, so you may want to compare your coin to images of graded coins or consult a coin grading guide.
Once you’ve identified the date, mint mark, and condition of your coin, you can look up its value in a coin price guide or recent auction results. Keep in mind that coin values can fluctuate based on the silver market and other factors, so the prices listed in guides or realized at auction are just a starting point.
Conclusion
Whether you’re a seasoned numismatist or a beginner in the world of coin collecting, Morgan Silver Dollars offer a unique opportunity to own a piece of American history. With their beautiful design, silver content, and wide range of dates and mint marks, these coins are a favorite among collectors and investors alike. As with any collectible, it’s important to do your research and buy from reputable sources to ensure you’re getting a genuine and accurately graded coin. Happy collecting!